The prices of gold soared by Rs 100 to Rs 31,850 per 10 gram Monday on account of positive global sentiment and buying by domestic jewellers.
The prices of gold soared by Rs 100 to Rs 31,850 per 10 gram Monday on account of positive global sentiment and buying by domestic jewellers. The gold was trading at $1,224.30 an ounce in the international market. In the national capital Delhi, yellow metal of 99.9 percent and 99.5 percent purity soared by Rs 100 each to Rs 31,850 per 10 gram and Rs 31,700 per 10 gram, respectively, PTI reported.
Silver, also rose by Rs 150 to Rs 37,450 per kg on account of increase in demand from industries. The silver ready advanced by Rs 150 to Rs 37,450 per kg and weekly-based delivery gained Rs 209 to Rs 36,309 per kg.
Bullion traders said that demand from local jewellers at the domestic spot market mainly kept gold prices higher following a positive trend overseas. The silver coins continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Meanwhile, the government said last week it would soon bring out an integrated gold policy and set up a domestic gold council to promote growth in the sector.
Commerce Minister Suresh Prabhu said on Friday that the government is also looking at the industry’s demand for cutting import duty on gold to four per cent from the current 10 per cent.
“This is one of the important issues for the industry that is export-oriented. If you have import duties, the working capital gets blocked up. So, we are already working on that,” he added.